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The Competition Commission of India on Tuesday cleared Ambuja Cements’ proposal to acquire a majority stake in CK Birla group firm Orient Cement Ltd for Rs 8,100 crore. Ambuja Cements, a part of the diversified Adani Group, operates 22 integrated cement plants across India, as well as 10 bulk ceme...
Cement prices declined around 7 per cent year-on-year in April-January FY25, amid weak demand, and increasing competition due to large supply additions by leading companies, according to a report by rating agency Ind-Ra. Though prices of cement (a bag of 50 kg) have increased sequentially from November...
Insurance and loan product aggregator PB Fintech’s chairperson and chief executive officer (CEO) on Tuesday settled a case with the country’s capital market regulator SEBI over alleged insider trading-related violations. According to the official settlement order issued by SEBI, Yashish Dahiya paid a su...
Apollo Green Energy (AGEL) on Tuesday said it will set up a subsidiary AGEL Renewable Energy Ltd and invest Rs 500 crore to develop 1 GW renewable energy portfolio over the next 2-3 years. The subsidiary will focus on utility-scale solar while integrating advanced energy storage solutions, including h...
Zepto CEO Aadit Palicha has dismissed Zomato founder Deepinder Goyal’s claim that the quick commerce platform is burning Rs 2,500 crore every quarter, calling the statement “verifiably untrue.” Palicha stated that public filings of Zepto’s financial statements would disprove the assertion. ...
GST authorities conducted searches at three offices of RBL Bank in Maharashtra, the private sector lender has said. In a regulatory filing on Monday evening, RBL Bank said on March 3, 2025, Maharashtra state GST Authorities have initiated searches at three offices of RBL Bank in the state. “The pr...
Reliance Industries on Tuesday received a demand notice from the Ministry of Petroleum and Natural Gas, demanding a sum of $2.81 billion from the group and its partners including British energy major BP Plc over alleged gains made from natural gas that may have migrated from state-run ONGC’s neighbourin...
Today (March 3), two companies, including IRFC and IRCTC have received the status of Navratna CPSEs (Central Public Sector Enterprises) by the government. With this, India now has a total of 26 Navratna companies. The newly added companies IRCTC and IRFC will take the 25th and 26th positions, respectiv...
Indian Railway Catering And Tourism Corporation (IRCTC) has received Navratna status today, March 3, 2025. Through a social media announcement on X today, Department of Public Enterprises (DPE) informed that the government has approved the upgradation of IRCTC to Navratna CPSE, making it the 25th #Navra...
Indian Railway Finance Corporation (IRFC), a central public sector enterprise under the Ministry of Railways, was granted the Navratna PSU status on Monday. The central government approved the upgradation of IRFC to Navratna CPSE, the Department of Public Enterprises, under the Ministry of Finance, wro...
Coal India Limited (CIL) is expecting a production of 788 million tonnes (MT) and an offtake of 765 MT for the current fiscal year ending March 2025, its chairman P M Prasad said on Monday. The initial production target was 838 MT, which was revised to 806-810 MT in January. In FY’24, the company...
Mahindra Holidays & Resorts India Ltd on Saturday said it has received a demand of over Rs 17.5 crore from GST authority in Chennai over an alleged mismatch in turnover and reversal of input tax credit related matter. The company has received a demand order from the Commercial Tax Officer, Anna Sala...
Public sector Indian Overseas Bank has signed a memorandum of understanding with the Confederation of Indian Industry – Indian Green Building Council, to provide accessible and affordable financing solutions for developers and home buyers, a top official said. As per the collaboration, Indian Over...
Telecom operator Vodafone Idea (VIL) on Friday said it has received a Rs 16.73 crore Goods and Services Tax (GST) demand order from Deputy Commissioner, Large Taxpayer Unit, West Bengal. The telco asserted it does not agree with the order and will take appropriate action for filing an appeal against the...
The Economic Offences Wing (EOW) of the Mumbai Police has made a fourth arrest in connection with the Rs 122 crore embezzlement case at the New India Co-operative Bank’s Prabhadevi branch. Investigations revealed discrepancies in cash records, with the branch’s safe—designed to hold Rs 10 crore—showing...
Blinkit, a quick commerce platform, has now started delivering Apple products like the MacBook Air, iPad, and AirPods within just 10 minutes in select Indian cities, according to founder and CEO, Albinder Dhindsa. Taking to the social media platform on X, Dhindsa mentioned that customers can now order A...
Life Insurance Corporation of India (LIC) on Thursday said it has received a demand notice of Rs 479.88 crore for short payment of Goods and Services Tax (GST) for 2020-21. The company has received a communication/demand order for interest and penalty for Maharashtra on February 27 from Deputy Commissio...
Tata Power on Thursday said that its solar manufacturing arm TP Solar has secured an order worth Rs 632 crore for the supply of 292.5 MWp solar modules from Solar Energy Corporation of India (SECI). The project is awarded under the CPSU Scheme Tranche-III, a Tata Power statement said. The contract, valu...
State-owned Power Finance Corporation on Thursday said that it has inked an initial pact to provide Rs 26,800 crore finance to power utilities of Madhya Pradesh. This funding will support capital expenditure projects for entities such as Madhya Pradesh Power Generation Company Ltd (MPPGCL), Madhya Prade...
Renewable energy solutions provider Sunsure Energy on Thursday said it has secured Rs 128.82 crore in long-term debt financing from Tata Capital and Aditya Birla Finance (ABFL) for its solar plant in Uttar Pradesh. This financing has been used to construct Sunsure’s commissioned 49 MWp open-access...
Beverage major Coca-Cola is bringing global sports drinks brand BodyArmorLyte to India this summer and expects ThumsUp and Sprite to become $2 billion brands, its Vice President, Operations, Coca-Cola India & Southwest Asia Sundeep Bajoria said. Coca-Cola is encouraged by “early arrivals...
Swedish furniture retailer Ikea will begin online sales in Delhi-NCR and nine other markets this week in the run-up to opening full-size physical stores in Gurugram and Noida in next few years. Besides, Ikea India plans to open small city centres in Delhi-NCR ahead of the stores, which will be catered t...
SpiceJet reported a net profit of Rs 26 crore for the December 2024 quarter, bouncing back from a loss of Rs 300 crore in the same period a year ago. The budget carrier attributed its turnaround to robust passenger demand, better operational efficiencies, and improved yield management. Total revenue sto...
SpiceJet Q3 Results: Budget airline SpiceJet on Wednesday reported a profit after tax of Rs 26 crore for the three months ended December 2024, helped by overall improved performance. The carrier had posted a loss of Rs 300 crore in the year-ago period. “Total revenue surged by 35 per cent to Rs 1,...
Have legal tussles cost the Ambani brothers—Mukesh Ambani and Anil Ambani—Rs 28,000 crore in the recent past? Within the last one year, Reliance Infrastructure—part of the business group led by the younger brother, Anil—take a hit of Rs 8,000 crore after a court overturned a previous ruling in its favo...
Varun Beverages, PepsiCo’s largest franchise bottler, on Tuesday extended the deadline for completion of the acquisition of Ghana-based SBC Beverages for a month to March 31. On November 13, 2024, Varun Beverages Ltd (VBL) had entered into a share purchase agreement for the purchase of 100 per cen...
Tata Steel’s managing director TV Narendran on Tuesday pitched for safeguard duties on steel imports to protect the domestic steel industry from the indirect impact of US tariff hikes. He said many countries have initiated similar actions on steel imports, pointing out that the last three days hav...
Transport Corporation of India, a key logistics and supply chain solutions provider, in association with quick commerce platform Zepto, has leased 1 lakh sq ft of space at TVS Industrial and Logistics Parks here, an official said on Tuesday. Transport Corporation of India had earlier leased around 75,00...
SEBI News: Capital market regulator Securities and Exchange Board of India (SEBI) on Tuesday slapped a penalty on Indian Clearing Corporation Ltd (ICCL) over certain regulatory lapses. The amount of the penalty was Rs 5.05 crore, according to SEBI. The market regulator conducted an inspection of Indian...
Godrej Enterprises Group (GEG) is eyeing revenue of Rs 2,000 crore from its energy solutions business over the next three years on the back of data centre growth and other factors, the company said on Tuesday. According to GEG, the order book for the current year stands at over Rs 2,400 crore for reinfo...
Rattan India Enterprises’ EV arm Revolt Motors plans to drive in new electric bikes and enhance its sales network, as it looks to cater to multiple customer segments across the country, its Chairperson Anjali Rattan said on Tuesday. The company will also look at enhancing its R&D capability an...
Torrent Power on Tuesday said its subsidiary Torrent Green Energy Pvt Ltd (TGEPL) has incorporated Torrent Urja 35 Pvt Ltd (TU35) for generating electricity from renewable energy. TU35 was incorporated in India and registered with the Registrar of Companies, Gujarat at Ahmedabad on February 25, 2025 and...
Gland Pharma Ltd on Tuesday said the US health regulator has issued a Form 483 with three observations to its facility at JNPC, Visakhapatnam. The US Food and Drug Administration (USFDA) conducted a pre-approval inspection for sterile APIs at the company’s facility at JNPC, Visakhapatnam, between...
Public sector undertaking Oil and Natural Gas Corporation (ONGC) kept its shareholders in the dark after winning a large-amount court case against Reliance Industries Limited, according to sources. ONGC won a case against RIL on February 14, 2025, in the Delhi High Court in the 2018 KGD6 gas dispute. A...
Glenmark Pharmaceuticals on Monday said it will pay USD 7 million to three entities to settle lawsuits in the US related to generic drugs. In a regulatory filing, the Mumbai-based drug maker said that in 2023 it had settled with three plaintiff groups referred as the Direct Purchaser Plaintiffs, the Ret...
Parle Agro CEO Schauna Chauhan and Rasna Group Chairman Piruz Khambatta on Monday said they are anticipating double-digit growth coming in on the back of the upcoming summer season. They were speaking on the sidelines of the Madhya Pradesh Global Investors Summit (MP GIS) 2025. “We’re all co...
Swiggy is facing a sharp decline in its market valuation which has plunged nearly 50 per cent from its peak. The online food aggregator’s valuation, which soared past $16 billion or nearly Rs 1,32,800 crore in December 2024, has dropped to $9.82 billion or Rs 81,527 crore on the National Stock Exc...
Bengaluru-headquartered homegrown mobile and smart gadget retail chain Sangeetha Gadgets on Saturday announced that it will cross the 1,000-stores mark in 2025-26 from the existing 800 across the country. With a strong presence across south India, the brand is now gearing up to further expand in Maharas...
The Enforcement Directorate has levied a penalty of more than Rs 3.44 crore on BBC World Service India for alleged contravention of foreign direct investment (FDI) regulations, agency officials said on Friday. The federal probe hagency also fined three of its directors with more than Rs 1.14 crore each...
The Reserve Bank on Friday said it has imposed a penalty of Rs 39 lakh on Citibank N.A. For non-compliance with directions pertaining to large exposures framework and delay in furnishing of credit information to CICs. In a statement, the RBI said the statutory inspection for Supervisory Evaluation of th...
Travel tech platform Easy Trip Planners Ltd on Friday said it has signed an initial pact with the Korea Tourism Organisation to enhance South Korea’s visibility as a key outbound destination for Indian travellers. The partnership seeks to drive Indian tourist arrivals to Korea by leveraging EaseMy...
GMR Group, the operator of Rajiv Gandhi International Airport (RGIA) in Hyderabad, is eyeing a significant rise in passenger traffic, projecting 50 million annually by FY31, up from the current 29 million in FY25. Pradeep Panicker, CEO of GMR Hyderabad International Airport Ltd (GHIAL), said the compa...
After a legal tustle that lasted 18-odd months, the Burman family gained control of Religare Enterprises, becoming promoters of the financial services company. According to a regulatory filing, the Burmans acquired an additional 25.16 per cent stake in Religare Enterprises through four companies: MG Fin...
Tata Consultancy Services (TCS) on Thursday announced a new collaboration with Salesforce to help customers in the manufacturing and semiconductor industries drive value from artificial intelligence. As part of this collaboration, TCS launched three initiatives. These include Semiconductor Sales Acceler...
Vedanta Ltd Demerger Plan Explained: Private sector mining giant Vedanta Ltd on Thursday received a much-awaited go-ahead from its shareholders and creditors for its proposal plan to demerge into five sector-specific units, each dedicated to aluminimum (Vedanta Aluminium), crude oil (Vedanta Oil & G...
The tech giant Google on Wednesday inaugurated its sprawling new campus, ‘Ananta,’ in Bengaluru, marking one of the company’s largest offices worldwide. The tech giant described the development as a testament to India’s pivotal role in the global technology landscape. In a blog...
JBM Auto Ltd’s subsidiary JBM Ecolife Mobility on Wednesday announced securing an order worth Rs 5,500 crore for supply of 1,021 electric buses under the PM e-Bus Sewa Scheme-2. These buses, which are to be delivered over a period of 18 months, will be deployed across 19 cities in Gujarat, Maharas...
Tech giant Google previously paid over USD 1 billion to French authorities to settle a yearslong dispute over allegations of tax fraud. The agreement, covering 2015 to 2019, includes sanctions, penalties, and interest, prosecutors said. (Image: Representational/Pixabay) Doonited Affiliated: Syndicate Ne...
Foreign lender HSBC on Wednesday reported an 11.27 per cent growth in profit before tax from India at USD 1.688 billion for 2024. The bank has reported a profit before tax of USD 1.517 billion in 2023 from its India operations, where it operates 26 branches. The bank said it has 44,000 employees in the...
A personal care giant has declared an interim dividend of Rs 110 per share, amounting to a 1100 per cent payout of the face value of Rs 10 per share. The company behind popular brands like Old Spice, Oral-B, Pantene, Vicks, Whisper, and Tide has also set the record date for this dividend. Procter...
